PwC's accounting podcast

Technology continues to reshape our world and has been accelerated by the pandemic. As you rethink processes for the new environment, you may be asking how technology can help improve efficiency and effectiveness. This podcast is the next episode in the second season of our What’s next? podcast series for CFOs, controllers—anyone in finance. This season we’re focusing on what’s next in tech for the finance professional—discussing the benefits of technology through the lens of the finance function. In this episode, host Heather Horn sits down with Bob Woods, a PwC partner, to discuss how the agile methodology is modernizing the finance function. 

Topics include:

• 0:55 - Short-term outcomes to reach  long-term visions. The pandemic has put into focus the question of how work gets done. We begin by discussing what the agile methodology is and the advantages driving its widespread adoption. 
• 5:45 - Key areas of focus for finance. We discuss the ways teams can use agile sprints within the walls of the finance function, including: planning and forecasting, transaction processes, and compliance.
• 18:43 - Implementation and embracing change. Bob shares the best ways to drive adoption,  including taking a peer-driven approach and the importance of the “tone at the top.” 
• 29:30 - What’s exciting about the future? Disruption can be unpredictable, but readiness doesn’t have to be. We close by talking about the opportunities available to learn, listen and act in order to become more agile in your work day.

Bob Woods is a PwC partner providing consulting services to executives for public and private companies in the high-tech, software, cloud and internet industries. His experience includes business and digital transformation initiatives for the finance function including changing to digital, SaaS, or cloud-based models. Bob also led PwC's finance modernization solution and thought leadership efforts in the US.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

With companies increasing their expenditures on technology, including software and related services, questions about how to account for these costs are becoming more common. To help navigate the accounting and reporting guidance in this area, PwC partners Mike Coleman and Angela Fergason join Heather Horn to discuss what you need to know about accounting for software costs. 

Topics include:

• 0:47 -Determine the appropriate accounting model. When companies incur costs on new software—either developed for internal or external use or purchasing it from a vendor—sometimes the most challenging part is navigating which accounting model to apply. Mike and Angela share similarities across three primary models and highlight important reporting differences. Summarizing each model, we address:
  • 3:01 - Externally-marketed software
  • 9:51 - Internal-use software 
  • 16:03 - Cloud computing (service) costs
• 20:31 - Final reminders. We close by going through a few other types of expenses with accounting impacted by which model is used, and re-emphasizing the reporting differences. 

Michael Coleman is a partner in PwC's National Office with over 30 years of experience specializing in accounting for revenue and software arrangements. In addition, Mike has been one of the firm's representatives on the AICPA Software Task Force. Prior to his time in National, Mike was an audit partner in the firm's NY Metro assurance practice serving technology clients.  

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She is  a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

 Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Technology continues to reshape our world and has been accelerated by the pandemic. As you rethink processes for the new environment, you may be asking how technology can help improve efficiency and effectiveness. This podcast is the second episode in the second season of our What’s next? podcast series for CFOs, controllers—anyone in finance. This season we’re focusing on what’s next in tech for the finance professional - discussing the benefits of technology through the lens of the finance function. In this episode, host Heather Horn sits down with Paul Sheward, a partner on PwC’s innovation leadership team, to discuss citizen-led innovation. 

Topics include:

• 0:48 - What is citizen-led innovation? Citizen-led innovation is about adapting to a changing environment to rethink what you do and how you do it. We begin by talking about the importance of empowering workers to upskill. 
• 5:03 - Where to start? You don’t need to come from a technology background to understand and apply new technologies. Paul advises to start small, prove the concept, and then expand it within the organization. 
• 10:51 - What are the key areas of citizen-led innovation? There are three key legs of the citizen-innovation stool: data analysis, automation, and visualization. We explore the areas most ripe for innovation within the finance function.
• 20:52 - What if you hit a barrier? Employees may be resistant to innovation and technological change, especially if they think it will eliminate their position. Paul discusses some of the common challenges he’s seen and shares best practices for making a culture of innovation stick.  
• 30:50 - What’s exciting about the future? Fueled by the ability to adapt quickly, Paul lets us know that the future of citizen-led innovation is bright. 

Paul Sheward is a member of PwC’s assurance innovation leadership team with primary responsibility for leading citizen-innovation activities for the assurance practice. Paul is responsible for the development and implementation of a strategy to ensure that PwC’s assurance professionals develop and apply advanced digital acumen in delivering services to our clients.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

In this episode, we go back to basics to talk about discontinued operations. It’s an area that’s recently seen an increase in questions, so we’re taking a closer look at when discontinued operations accounting applies and how it may impact financial statement users. 

Topics include:

• 0:37: Discontinued operations—overview. We start with an overview of the purpose of discontinued operations presentation and why it’s meaningful to users of the financial statements.
• 3:10: Held-for-sale—overview. The held-for-sale impairment model is critical to assessing discontinued operations. We highlight how a component would meet the held-for-sale criteria as of the balance sheet date, and then look at the financial reporting implications.
• 0:00: Held-for-sale—FAQs. We examine the most common questions we hear when preparers are working through evaluating the criteria for held-for-sale.
• 0:00: Discontinued operations—the  criteria. How does the held-for-sale model interact with the discontinued operations model? We explain.
• 0:00: Discontinued operations—  presentation and disclosure. We close by talking through the impacts to the financial statements, as well as share final reminders and where listeners can find more information.

Beth Paul is a partner and topical team leader in PwC’s National office. In this role, Beth is responsible for a team of consultants that specialize in business combinations and related areas such as consolidations, disposals, impairments, and segment reporting. Prior to this role, Beth was the Strategic Thought Leader in PwC’s National office working closely with firm leadership to determine PwC’s position on emerging trends in auditing, accounting, and financial reporting matters.

Steve Dolph is a director in PwC’s National office, specializing in accounting for business combinations and related areas, including asset acquisitions, disposals, and impairments. Prior to joining the National Office, Steve had more than 10 years of experience as a member of PwC's Private Company Services group, focusing on private company accounting issues and business solutions.

Heather Horn  is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Technology continues to reshape our world and has been accelerated by the pandemic. As you rethink processes for the new environment, you may be asking how technology can help improve efficiency and effectiveness. This podcast is the first episode in the second season of our series for CFOs, controllers—anyone in finance—wondering: what’s next in finance? This season we’re focusing on the benefits of technology through the lens of the finance function. In this episode, host Heather Horn sits down with Pierre Sur, PwC’s US Tech Enabled Audit leader, to discuss the importance of technology in the future of business. 

Topics include:

• 1:31 - Tech trends. We begin by discussing the factors that are affecting the speed of innovation, such as market factors, workforce transitions, and the need to provide a remote and seamless operation to connect clients, customers, and employees. 
• 6:46 - Facing change. We discuss the importance of having a change management plan when embarking on a finance transformation that weighs the benefits and drawbacks and has flexibility to adapt to the intended user.  
• 9:57 - The current and future of technology. Pierre lays out the set of core technologies that companies currently utilize for data analysis, automation and storytelling...and adds why AI is an overused acronym. 
• 23:56 - Beyond a CPA. What does the finance professional of the future look like? Pierre shares the importance of developing digital skills and going beyond what he calls “domain expertise.”
• 27:14 - What’s exciting about the future? Heather and Pierre close by talking about the opportunities to stay relevant and successful. 

Pierre Sur is a PwC partner. As a member of the US Assurance Leadership Team, he oversaw all of PwC's Assurance practice innovation and disruption activities. He also specializes in delivering superior service to communications and technology companies, enabling them to reach their financial and organizational goals. 

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

The OECD is an organization of member countries that set the framework for global policies in a number of areas. Recently, they have focused on developing guidance for equitable allocation of profits and what an appropriate minimum measure of taxation is for multinational companies. How will this affect a company's global business operations, and what does this mean for preparers of the financial statements? Let us fill you in. 

Topics include:

• 0:50 - Overview. Before getting into the details, we cover the basics: the role of the OECD and how the organization works.
• 5:18 - Recent activity. We walk us through the specifics as we examine the two tax objectives: equitable allocation of profits and a worldwide minimum effective tax rate. 
• 19:49 - Use of financial statement. Both objectives propose to utilize financial statements for a tax base. We discuss the challenges with this approach.
• 26:08 - Adjustments to financial reporting. What adjustments to the financial statements might be required? We touch on a few of the areas that would need to be considered.  
• 34:31 - What’s next? There are still many questions for the OECD to work through. We close by talking through the next steps.

Jennifer Spang is a tax partner in PwC's National Office specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. 

Pat Brown is the PwC Washington National Tax Services co-leader. Prior to joining PwC, he spent 16 years in the private sector, including a role as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury’s Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel.  

Heather Horn  is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here? This podcast is the last episode in our series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before? Over our 16 episodes, we’ve focused on the areas that may need your focus in this period of recovery. 

In this episode, host Heather Horn sits down with Neil Dhar, PwC Vice Chairman and Chief Clients Officer.

Topics include:

• 0:42 - Where are we now? We begin by looking at the results of PwC’s Road to Election 2020 Survey, which tracks C-suite sentiment on the top policy issues at play and their business impact on  companies as they move beyond crisis management toward a return to growth. 
• 6:05 - Scenario planning. How to make decisions in uncertain times? Scenario plan. We discuss how management teams are rebuilding revenue streams and how tax considerations may affect the ability to make investments. 
• 8:56 - Digital transformation. Neil shares the ways companies are looking to deliver more value, at a lower cost, in a tech-enabled way.
• 12:31 - Risk management. Neil highlights the importance companies are placing on evolving their processes and controls to operate in the new world with increasing threats from such areas as cybersecurity because of the work-from-home environment.
• 13:26 - M&A activity. How has the M&A market changed over the past 8 months and how will the election impact transaction activity? Neil explains.
• 17:31 - Transparent reporting. As companies work toward greater transparency, Neil shares what he’s hearing from management teams on ESG and D&I initiatives.
• 20:04 - Going forward. From reopenings to investments in the future workforce, we close by talking about what makes Neil optimistic for 2021. 

Neil Dhar serves as Vice Chairman - Clients, Markets and Sectors (Chief Clients Officer) at PwC. In this role, he serves as the firm's leading client advisor helping harness the firm's vast capabilities across the consulting, M&A, tax, and assurance segments to solve complex issues across the firm's extensive client base. He has overall responsibility for PwC’s markets & sectors and serves on the firm's management committee. Neil is a frequent guest on major news outlets (CNBC, Bloomberg, Fox Business News, Wall St Journal, Business Insider, Forbes, etc), lecturer at financial conferences and the author of numerous articles on transformational events.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Did you submit a question during our Q3 accounting webcast? Maybe this is where you’ll hear the answer. Even if you couldn’t join the webcast, you’ll find this episode helpful as we answer the most common questions on recent accounting developments. Tune in as Cody Smith, Andreas Ohl, Chad Soares, Suzanne Stephani, and Ryan Spencer from PwC’s National office join Heather Horn to address topics you need to know about, including:

• 0:41 - Q3 overview. Cody begins by discussing the top areas of interest during the third quarter, highlighting government assistance and COVID-19 disclosures. 
• 7:21 -Accounting for lease changes. Andreas and Chad answer questions regarding the impairment of right-of-use assets and share notable areas from the FASB’s recent leases roundtable.
• 16:28 - Troubled debt restructuring. Suzanne provides clarification on the accounting for the CARES Act relief from a borrower's perspective. 
• 20:35 - SEC. Ryan discusses the modernization of Regulation S-K.

Cody Smith is a partner in PwC’s National office with over 20 years experience specializing in the accounting for business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. 

Andreas Ohl is a partner in PwC's National office focused on mergers and acquisitions under US GAAP and IFRS. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's In-Process R&D guide, and has served as a member of the FASB's Valuation Resource Group. 

Chad Soares is a partner in PwC's National office focused on leasing and financing arrangements. He was a primary author of PwC’s leases guide and contributes to a variety of thought leadership related to leasing and financial instruments. 

Suzanne Stephani is a director in PwC’s National office with more than 20 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the accounting for debt, preferred stock, leases, and cash flows.

Ryan Spencer is a partner in PwC's National Office specializing in SEC financial reporting matters. He has over 20 years of experience serving clients in the technology and life sciences industries and is a frequent contributor to PwC’s publications and communications.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here? This podcast is the next episode in a new series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before? Each week, we’ll focus on a different area that may need your focus in this period of recovery. 

This week, host Heather Horn sits down with Bruno Lopes, a PwC partner who specializes in finance transformation, to summarize the new order of the day: doing more with less... but also the opportunity that this type of disruption presents for transforming your finance operating model. 

Topics include:

0:42: Overview. We begin by looking at the trends and the significant operational changes finance teams are making to adapt to uncertain times. 

5:20: The challenges. A finance transformation has its opportunities—and its risks. Here we discuss simplifying processes, integrating technology, and avoiding breaks in controls. 

9:03: Technology enablement. Digitizing processes is where the most value can be unlocked. Here we look at the importance of the finance function achieving a forward-looking digital agenda.  

17:10: The forward-thinking finance function. Define your strategic direction, develop a tech-enabled workforce, and be mindful about where you invest time and resources. We discuss the ways successful companies are changing the finance operating model.

19:59: Key takeaways. To achieve simplified and standardized processes, flexibility is key.

Bruno Lopes is a PwC finance partner helping companies and business leaders around the globe build and transform finance organizations, and achieve efficiency through technology, data and process optimization to enable value creation to the business.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

As companies look ahead to their Q3 reports, what lessons can be learned from companies that took impairments in Q2? Heather Horn is joined by PwC partners to share observations on  impairments triggered in the second quarter.  

Topics include:

• 0:50 - Overview. We begin with a discussion of the challenges in assessing assets for impairment in the current environment.
• 2:41 - Notable observations. We dive into the analysis, highlighting key themes, similarities, and differences between Q1 and Q2, and expectations for Q3 and Q4. 
• 10:10 - The market. How did market indicators affect the evaluation of impairment? We peel back the market’s Q2 performance and discuss potential triggering events.   
• 13:55 - Looking ahead. We discuss some of the factors companies need to be thinking about as they look ahead to Q3 impairment testing.

Andreas Ohl is a partner in PwC's National office where he focuses on mergers and acquisitions under US GAAP and IFRS. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's In-Process R&D guide, and has served as a member of the FASB's Valuation Resource Group. 

John Benedetti is a Partner in the Capital Markets and Accounting Advisory practice at PwC. John advises large US and international companies in the accounting for complex transactions and the implications of financial and accounting structuring. His deep knowledge of US GAAP and IFRS financial reporting rules allows him to support clients through these challenging endeavors.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].